Thursday 28 Mar 2024
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KUALA LUMPUR (March 28): Telecommunication network solutions provider OCK Group Bhd is planning to venture into the Philippines tower business after having signed a memorandum of understanding (MoU) with ISOC Infrastructures Inc yesterday.

The group's sub-subsidiary OCK Vietnam Towers Pte Ltd had inked the agreement, which will be valid for a one-year period, with ISOC, OCK said in a statement today.

"The parties will jointly pursue opportunities to acquire, install, operate, maintain and manage telecom tower assets in the Philippines, concentrating in the new towers roll-out or greenfield projects and potential sale-and-leaseback project from mobile telecom operators," OCK said.

Under the MoU, both OCK and ISOC will work together to identify feasible sites and/or projects for development, it added.

Although the execution of the MoU is not expected to have any material effect on the earnings, net assets and gearing of OCK for its financial year ending Dec 31, 2018, the group expects positive future contributions to earnings should the projects be finalised and commercialised.

Neither OCK nor ISOC has any financial obligations to each other, nor to form a legal entity, agency or joint venture relationship.

OCK currently has a presence in Myanmar, Vietnam, Indonesia, Cambodia and China.

Shares in OCK were unchanged at 78 sen as at noon break today, giving the group a market capitalisation of RM684.11 million.

 

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